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Microeconomics
ECON102 | 3 Credits
Microeconomics explores how everyday markets address the challenges of limited resources. Along the way, you’ll also explore how the government steps in to keep things running smoothly in a market-driven world.
Professor: Marlo Chavarria
About Microeconomics
What You’ll Learn
Our Microeconomics online course examines how markets address the challenges posed by the scarcity of resources.
- Define basic economic terminology and concepts, including the effects of scarcity and choices, and the role of rational self-interest.
- Evaluate the economic way of thinking by applying the following: scarcity, specialization, opportunity cost, marginal analysis, and production possibility.
- Analyze the concepts of utility, marginal utility, the law of diminishing marginal utility, and how they relate to price elasticity of demand for economic analysis.
- Apply the supply and demand model, including evaluating price and market output impacts of changing market dynamics.
- Compare and contrast the fixed and variable costs: analyze the marginal cost and the law of diminishing marginal returns concepts.
- Evaluate the implications of the production function and the impacts of diminishing returns and spreading effects on market economies of scale.
- Compare and contrast the four basic market models: pure competition, pure monopoly, monopolistic competition, and oligopoly.
- Review and analyze the causes and effects of market failures and strategies to mitigate outcomes.
- Analyze the relationship between price elasticity of demand and profitability in the context of the market structure.
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WANT US TO CHECK?Course Details
The course provides an intensive study of supply and demand analysis. Theories and principles of market behavior are examined and applied to economic issues related to production, consumption, and distribution. The course further evaluates market structure, factor markets, and market failure.
ACE-Recommended
ACE Code:
OOSL-0008
Flexible Schedule
30-day Average Course Completion
Business Courses Have Transferred Over 24,900 Times
$1,500,000 Saved on Tuition
Prerequisites
There are no prerequisites to take Microeconomics.
Course Text
The required eTextbook for this course is included with your course purchase at no additional cost.
- Frank, Robert H., Ben S. Bernanke, Kate Antonovics, and Ori Heffetz. Principles of Microeconomics. 2024 Release, McGraw-Hill, 2024. ISBN: 9781265399672
Course Checkpoints
Economic Thinking
- Scarcity
- Opportunity Cost
- Economic Models
Supply & Demand
- The Demand Curve
- The Supply Curve
- Market Equilibrium
- Rent Controls Reconsidered
- Efficiency in Equilibrium
Elasticity
- Price Elasticity of Demand
- Determinants of Price Elasticity of Demand
- Using Price Elasticity of Demand
- Elasticity and Total Expenditure
- Income Elasticity and Cross-Price Elasticity
- The Price Elasticity of Supply
- Determinants of Supply Elasticity
Demand
- The Law of Demand
- Individual and Market Demand Curves
- Demand and Consumer Surplus
Perfectly Competitive Supply
- Thinking About Supply - The Importance of Opportunity Cost
- Individual and Market Supply Curves
- Profit-Maximizing Firms in Perfectly Competitive Markets
- Production in the Short-Run
- Determinants of Supply Revisited
Efficiency, Exchange, and the Invisible Hand in Action
- Three Types of Profit
- Invisible Hand Theory
- Importance of Free Entry and Exit
- Economic Rent vs. Economic Profit
- The Distinction Between Equilibrium and Social Optimum
Monopoly, Oligopoly, and Monopolistic Competition
- Perfect and Imperfect Competition
- Five Sources of Market Power
- Economies of Scale and The Importance of Startup Costs
- Profit Maximization for the Monopolist
- Why the Invisible Hand Breaks Down under Monopoly
- Price Discrimination Defined
- Public Policy Towards Natural Monopoly
Games and Strategic Behavior
- Using Game Theory to Analyze Strategic Decisions
- The Prisoner’s Dilemma
- Games in Which Timing Matters
- Commitment Problems
An Introduction to Behavioral Economics
- Judgmental Heuristics or Rules of Thumb
- Misrepresentation of Contextual Clues
- Impulse-Control Problems
- Loss Aversion and Status Quo Bias
- Beyond Narrow Self-Interest
Externalities, Property Rights, and the Environment
- External Costs and Benefits
- Coase Theorem
- Remedies for Externalities
- Property Rights and The Tragedy of The Commons
- Positional Externalities
- Using Price Incentives in Environmental Regulation
The Economics of Information
- How the Middleman Adds Value
- The Optimal Amount of Information
- Asymmetric Information
- Statistical Discrimination
Assignments & Grading
Your score provides a percentage score and letter grade for each course. A passing percentage is 70% or higher.
Assignments for this course include:
- 11 Knowledge Checks
- 1 Paper
- 1 Presentation
- 1 Midterm Exam
- 1 Final Exam
This course has an open book proctored Final Exam. Scientific and/or graphing calculators are allowed throughout the course.
What You’ll Need
- A reliable computer or laptop
- Stable internet connection
- Web browser
- Basic computer skills
- Any required course materials
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Course Professor
Marlo Chavarria
M.A.
Marlo Chavarria (Master’s in Economics, University of South Florida) is a transportation economist. For the past 21 years, he has honed his expertise in the transportation industry, focusing on infrastructure financing and economic impact analysis. Chavarria has also served as an online educator, instructing undergraduate economics courses for the last 16 years.
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Real, human feedback to help you ace your assignments
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Real, human feedback to help you ace your assignments
Professional development assistance
Resume-building resources
Professional development assistance
Faculty Connect portal
Resume-building resources
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Microeconomics & Your Career in Business
When you study business, you’ll find job opportunities everywhere. Microeconomics gives you a practical understanding of how individuals and firms make decisions in the face of scarcity. With this course behind you, you’ll show your future employers you can analyze costs and benefits and make data-driven decisions.
Why it matters:
- Nearly 1 in 4 employed professionals with a university degree studied business.
- Business is one of the most flexible and in-demand fields for students seeking versatility in their major.
How this course sets you up for success:
Financial Analyst, Management Consultant, Marketing Manager, Human Resources Specialist, Account Manager, Business Intelligence Analyst, Operations Manager, Investment Analyst, Risk Manager, Supply Chain Coordinator
How this course sets you up for success:
By studying supply and demand, pricing strategies, and market dynamics, you build analytical skills that are valued across industries, especially consulting, policy analysis, finance, and strategic planning.
Course included in Semester & Annual Plans
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